Petrus Trust Company LTA Invests $1.03 Million in California Resources Corporation $CRC

Key Points

• Petrus Trust Company LTA has acquired 23,510 shares of California Resources Corporation valued at approximately $1,034,000 in the first quarter.
• California Resources reported a $1.10 EPS for the most recent quarter, exceeding estimates, with revenue up 90.3% year-over-year at $978 million.
• The company has announced a quarterly dividend of $0.3875 to be paid on September 12th, reflecting a dividend yield of 3.2%.

Petrus Trust Company LTA purchased a new stake in shares of California Resources Corporation (NYSE:CRC - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 23,510 shares of the oil and gas producer's stock, valued at approximately $1,034,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in California Resources by 2.1% during the first quarter. Principal Financial Group Inc. now owns 384,200 shares of the oil and gas producer's stock valued at $16,893,000 after buying an additional 8,047 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of California Resources by 50.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,211 shares of the oil and gas producer's stock valued at $463,000 after purchasing an additional 3,436 shares in the last quarter. New York State Teachers Retirement System grew its stake in shares of California Resources by 1.4% in the 1st quarter. New York State Teachers Retirement System now owns 22,000 shares of the oil and gas producer's stock worth $967,000 after purchasing an additional 300 shares during the last quarter. KBC Group NV raised its holdings in shares of California Resources by 41.3% in the 1st quarter. KBC Group NV now owns 3,569 shares of the oil and gas producer's stock worth $157,000 after purchasing an additional 1,043 shares in the last quarter. Finally, Crossmark Global Holdings Inc. lifted its stake in California Resources by 17.4% during the first quarter. Crossmark Global Holdings Inc. now owns 4,823 shares of the oil and gas producer's stock valued at $212,000 after purchasing an additional 716 shares during the last quarter. Institutional investors own 97.79% of the company's stock.

California Resources Stock Up 3.3%

NYSE:CRC traded up $1.68 during trading hours on Wednesday, hitting $52.73. 1,310,006 shares of the company's stock traded hands, compared to its average volume of 784,903. The stock's fifty day moving average price is $48.62 and its two-hundred day moving average price is $43.95. The firm has a market cap of $4.41 billion, a P/E ratio of 11.15 and a beta of 1.16. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.68 and a current ratio of 0.78. California Resources Corporation has a twelve month low of $30.97 and a twelve month high of $60.41.

California Resources (NYSE:CRC - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.19. California Resources had a net margin of 16.14% and a return on equity of 11.95%. The firm had revenue of $978.00 million for the quarter, compared to analyst estimates of $820.93 million. During the same quarter in the prior year, the business earned $0.60 EPS. The company's revenue for the quarter was up 90.3% compared to the same quarter last year. On average, research analysts expect that California Resources Corporation will post 3.85 earnings per share for the current fiscal year.

California Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Wednesday, August 27th will be paid a $0.3875 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $1.55 dividend on an annualized basis and a yield of 2.9%. California Resources's payout ratio is 21.17%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CRC shares. Bank of America lifted their price target on shares of California Resources from $53.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. UBS Group raised their price objective on California Resources from $61.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Wall Street Zen lowered California Resources from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Mizuho upped their target price on California Resources from $61.00 to $64.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. upgraded California Resources from a "neutral" rating to an "overweight" rating and increased their price target for the company from $60.00 to $63.00 in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $63.91.

California Resources Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.